Resolution 9620 - Laserfiche WebLink

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coverage approved by the Commissioner covering losses from dishonesty, robbery, forgery or alteration, misplacement, or mysterious or unexplainable disappearance. The amount of coverage for each occurrence shall be $300,000 or more. The Pool shall purchase a fidelity bond or policy of insurance coverage approved by the Commissioner covering the required service providers and individuals or submit to the Commissioner separate proof of coverage for all required service providers and individuals not covered under the Pool's bond or applicable insurance coverage. 9.1.6 Separate Accounts. The Board of Trustees may, but shall not be required to, establish separate accounts for the payment of claims or certain types of expenses. The accounts shall be used only by the Service Company, its authorized subcontractors, or the Financial Administrator, as appropriate to the account's purpose. The amount in these separate accounts shall not exceed an amount reasonably sufficient to pay the claims or expenses for which the account is established. All monetary and investment assets not in such accounts shall be under the control of the Pool's Financial Administrator. 9.1.7 Maintenance of Sound Financial Condition. The Board of Trustees shall regularly monitor the Pool's revenues, expenses, and loss development, and evaluate its current and expected financial condition. (a) If necessary, the Board shall attempt, in good faith, to maintain or restore the Pool's sound financial condition, using any means at its disposal, including, but not limited to, adjusting premium rates, underwriting standards, dividend rates, expulsion standards, and other powers granted by applicable Minnesota law or rules and this Agreement and Bylaws. (b) If the Board's actions are inadequate to maintain or restore the Pool's financial condition, the Commissioner shall, as appropriate, order an increase in premium rates, revoke the Pool's self-insurance authority pursuant to Section 12.3.2 herein, or order than an assessment be levied against Participating Members under Section 9.5 herein. 9.2 Reporting. 9.2.1 Financial Statements. The Board of Trustees shall prepare annual financial statements containing a statement of net position; statement of revenues, expenses, and changes in net position; and a statement of cash flows. Such statements: (a) Shall be filed with the Commissioner no later than 60 days after the end of the Pool's Fund Year; and (b) Shall be audited by an independent certified public accountant, who shall submit a report to the Commissioner within 180 days of the end of the Pool's Fund Year. (c) Every second annual financial statement shall be accompanied by a statement from a qualified actuary concerning the statement of net position items that are based on actuarial assumptions and methods. The form of the actuary's statement and the scope of their review shall comply with the Commissioner's instructions. Page 15 of 24